Bitcoin: Why is $65,000 such an important milestone? The $65,000 level for Bitcoin is becoming a key support area, and key indicators suggest caution.
The Alpha price chart shows prices consolidating above the major support band, indicating distribution is taking place. Meanwhile, the CVDD channel highlights the $66,300 (CVDD x 2.618) area as initial support, with a deeper bottom around $61,000 (CVDD x 2). Falling below these levels indicates increasing bearish pressure. Although BTC has not yet lost its support level, data suggests that the leading asset still has the potential to reverse downward. This has sparked speculation about capital potentially shifting to altcoins. The next few weeks will determine the market direction for the remainder of the year.
